Economics/Class Relations

China’s blowing up its own economy

Nicholas Carlson October 31, 2022

 

Hello, Insiders. It’s Halloween! You’ve probably noticed the Spirit Halloween fake costume memes everywhere online. They seemingly spare no one — we’ve seen satirical costumes of everything ranging from “The Sopranos” to current affairs, including the hoax of imposters pretending to be fired Twitter employees from this week. You can check out the viral posts here. But if you’d rather see actual costumes, here are some impressive ones from celebrities, like Lizzo as Marge Simpson. Now, instead of trick or treating, let’s get to the news.
The latest
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The big story
Ju Peng/Xinhua via Getty Images; iStock; Rebecca Zisser/Insider
China, as we knew it, is no more. And the new China is more dangerous than any we’ve seen before.

 

It’s no longer a country with a quickly growing economy, senior correspondent Linette Lopez writes. Instead, in its place is an increasingly authoritarian government and a withering economy — that could take the rest of the world down with it.

 

President Xi Jinping’s China has a teetering property sector and an aging population. His willingness to attack industries and box out foreign investments poses a threat to the world’s financial stability. China’s desire for reunification with Taiwan puts geopolitical stability at risk.

 

So Beijing’s economic miracle machine has run out of steam, though that hasn’t curtailed its ambitions. And as its economy weakens, it will be less able to use its economic might to persuade or coerce other nations to accept its behavior.

 

That could push Beijing to even more aggressive action using a more modernized, capable military, for example. In a world without carrots, all you have left are the sticks.

 

Read the full story here.

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iStock; Michael Burrell/Getty Images; Alyssa Powell/Insider
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Today’s sound bite
“Working in a space that thrives on boundaries, on transparency, on talking about money helped me reflect on other work experiences that were the opposite.”
Arielle Egozi, who listed online sex work on LinkedIn. Listen to the full segment on The Refresh from Insider.
Watch this
Climate activists are throwing food at famous works of art in Europe — watch to find out why.
Today’s team
Nicholas Carlson (@nichcarlson), Hallam Bullock (@hallam_bullock), Lisa Ryan (@lisarya), Jordan Parker Erb (@jordanparkererb), and Shona Ghosh (@shonaghosh).
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